After the U.S. stock market volatility, Japanese companies accelerate shifting to Bitcoin treasuries, DAT craze arrives

On February 6, news emerged that while the U.S. stock market and cryptocurrencies are weakening simultaneously, Japanese companies are quietly taking a different path. An increasing number of listed companies are beginning to deploy Bitcoin treasury and Digital Asset Trust (DAT) strategies. Yu Oki, former head of the Solana Foundation Japan and current Chief Crypto Officer at Allied Architects, stated that Japan’s DAT market is entering a new phase, “possibly about to迎来 a real spring.”

Yu Oki believes that Japanese companies excel at localizing and upgrading after adopting overseas models. Allied Architects, a Tokyo-based company with a current market value of approximately $33.5 million, announced last month the establishment of a digital asset treasury and plans to gradually allocate core assets such as Bitcoin, Ethereum, and Solana, although specific scales have not been disclosed.

By early 2026, actions by large Japanese enterprises will become even more aggressive. As the world’s largest non-U.S. DAT holder, Metaplanet had purchased approximately $451 million worth of Bitcoin by the end of 2025 and has set a long-term goal to hold 1% of the global Bitcoin supply by 2027. This move is seen as an important signal for enterprise-level crypto asset allocation.

Shiv Shankar, former CEX Japan compliance officer and now CEO of Boundless, pointed out that amid the depreciation of the yen and increasing global economic uncertainty, cryptocurrencies have become a new asset hedging tool. Their correlation with Japanese stocks and bonds is relatively low, helping companies achieve financial diversification.

Meanwhile, Kaito founder Yu Hu stated that Japanese regulators require companies to demonstrate the stability of their balance sheets and implement risk control mechanisms. This has made Japanese companies more cautious in deploying crypto assets but also more sustainable. He predicts that technology-driven and internationalized companies will lead the expansion of DAT strategies.

Although some transitioning companies’ stock prices face short-term pressure, industry insiders believe that with the improvement of regulatory frameworks and the easing of bank custody services, Japanese companies’ willingness to hold digital assets continues to grow. Sota Watanabe, CEO of Startale Group, also said that in the future, companies will be more inclined to hold cryptocurrencies that are frequently used in their core businesses, bringing new growth points to their financial structures.